{"data":{"id":"us-ky/krs-164.740","jurisdiction":"us-ky","citation":"KRS 164.740","heading":"Definitions for KRS 164.740 to 164.7891.","body":"As used in KRS 164.740 to 164.7891, the terms listed below shall have the following\nmeanings:\n(1) \"Authority\" means the Kentucky Higher Education Assistance Authority;\n(2) \"Board\" means the board of directors of the Kentucky Higher Education Assistance\nAuthority;\n(3) \"Comprehensive transition and postsecondary program\" means a program approved\nby the United States Department of Education as defined in 34 C.F.R. secs. 668.230\nto 668.233;\n(4) \"Eligible institution\" means, unless otherwise specified in this ch apter, any\neducational institution or class of institutions designated as an institution of higher\neducation pursuant to section 102 of the federal act, 20 U.S.C. sec. 1002, as eligible\nto participate in, and that actively participates in, the Federal Pell Grant Program or,\nfor purposes of insured student loans, is defined as an eligible institution pursuant to\nsection 435 of the federal act, 20 U.S.C. sec. 1085, provided that no right of\nparticipation shall be deemed vested pursuant to this subsection in a ny institution,\nincluding, but not by way of limitation, any college, school of nursing, vocational\nschool, or business school;\n(5) \"Eligible lender\" means any entity described as eligible pursuant to the federal act\nto make or originate insured student lo ans, provided that no right of participation\nshall be deemed vested hereby in any lender;\n(6) \"Eligible student\" means any student enrolled or accepted for enrollment at a\nparticipating institution, meeting the criteria established by the federal act and t his\nchapter for the various authority administered programs;\n(7) \"Endorser\" means a person who signs a student loan promissory note as an\naccommodation party, in the manner of KRS 355.3 -419, and is secondarily liable\nfor payment on such note;\n(8) \"Federal act\" means the Higher Education Act of 1965, Pub. L. 89 -329, as\namended;\n(9) \"Grant\" means a gift of money, tuition discount, waiver of tuition and fees, or other\nmonetary award that requires neither employment nor repayment, except under\nconditions prescribed by the board, and is based on demonstrated financial need and\nsuch other terms and conditions as the board may prescribe;\n(10) \"Honorary scholarship\" means a certificate of merit or achievement or other\nappropriate document which may be issued by the board to students in recognition\nof superior academic ability or achievement or a special talent;\n(11) \"Insured student loan\" means a loan to an eligible borrower, who is qualified under\nthe federal act, on which the payment of principal and interest is insured as\nevidenced by a loan guarantee issued by the authority and reinsured by the secretary\nunder the federal act;\n(12) \"Loan\" mea ns an advance of money, to be used exclusively for payment of\neducational expenses, evidenced by a promissory note or similar instrument\nrequiring repayment under specified conditions;\n(13) \"Loan guarantee\" means the certificate, document, or endorsement i ssued by the\nauthority as evidence of insurance of a loan as to both principal and interest and of\nreinsurance by the secretary under the federal act;\n(14) \"Participating institution\" means any eligible institution, to the extent that it offers\nan eligible  program of study, having a contract in force with the authority, if\nrequired by the authority, on such terms as the authority may deem necessary or\nappropriate to the administration of its programs;\n(15) \"Participating lender\" means any eligible lender, i ncluding the authority and the\nKentucky Higher Education Student Loan Corporation, which has in force a\ncontract with the authority providing for loan guarantee to be issued by the\nauthority under the federal act and this chapter;\n(16) \"Penal institution\" means any penitentiary, detention facility, adult correctional\nfacility, jail, or other similar institution operated by the state, local, or federal\ngovernment or by private business;\n(17) \"Recognition award\" means an advance of money to or on behalf of a student in\nrecognition of superior academic ability, achievement or special talent;\n(18) \"Regional accrediting association\" means the Middle States Association of Colleges\nand Schools, Commission on Higher Education; New England Association of\nSchools and Colleges, Commission on Institutions of Higher Education; North\nCentral Association of Colleges and Schools, Higher Learning Commission;\nNorthwest Association of Schools and Colleges, Commission on Colleges;\nSouthern Association of Colleges and Schools, Co mmission on Colleges; or\nWestern Association of Schools and Colleges, Accrediting Commission for Senior\nColleges and Universities;\n(19) \"Scholarship\" means a gift of money to provide an incentive for fulfillment of a\nparticular public purpose which may be based on any combination of financial\nneed, superior academic ability, achievement, a special talent, or special condition\nserving a public purpose and such other terms and conditions as the board may\nprescribe;\n(20) \"Secretary\" means the United States Secretary of Education; and\n(21) \"Work study\" means an award of money disbursed by the board at specified\nintervals to students, or as reimbursement to employers of students, who provide\nneeded services for a specified number of hours in a capacity approved b y the\nboard.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=42078","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:17Z","sha256":"517c865501c966099e33ad2a7166b7c8bf31873f886c7fd231104679acd65719","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.738","next":"us-ky/krs-164.742"},"notice":"GroundRules: Original legal text. Not legal advice."}